Dear Quentin, My wife and I are in our sixties and we are both retired. My parents have passed away. I have no living brothers or children. My wife has 3 adult children in their 40s. Neither of them is a mature and responsible adult. (Alcohol, drugs, I can’t have a decent full-time job, etc.). They have 4 children.
“‘Alternatively, you could add terms to trust to encourage good behavior in your wife’s children.’ ”
Alternatively, you can add confidence terms to encourage good behavior in your wife’s 3 children. “Incentive distribution schemes are common ways that clients boost productivity. If a beneficiary is in school, cash distributions from the trust can only be made if the beneficiary maintains a certain grade point average, ”according to The Sketchley Law Firm. Similarly, any distribution to your children or grandchildren could require proof that they have been alcohol or drug free for X years. “Distributions may be conditional on continued participation in drug and alcohol counseling, completion of inpatient rehabilitation programs, or remain free from any other drug or alcohol related criminal or trafficking offenses,” adds The Sketchley Law Firm . Your letter arrives in a timely manner. I moderated a public online meeting “MarketWatch: Mastering Your Money” and hosted a session on establishing wills and trusts with Elizabeth Forspan, Estate Planning Attorney and Partner at Forspan Klear and Amy Zehnder, CEO of Leadership and Legacy Consultant , Ascent Private Capital Management of US Bank. Zehnder summed up the difference between a will and a trust like this: “You don’t want all of your things to be visible to everyone, lying in the front yard. And that is legalization! Trusts help maintain privacy. “If you decide to have a conversation with your children about a trust and are not required to do so, Zehnder suggests using words like” hopes, dreams, achieve and preserve. “Forspan recommends that wills and trusts are reviewed and, if necessary, updated every 4 to 5 years. “At any time, there is a major change in the tax law, or if there is any change in the situation of your family, or if you divorce, get married or God forbid, if someone in your family dies, you should always have a plan. And appoint a power of attorney in case you become incapacitated. ” There is a lot you can do to help your children and grandchildren, whether they see it that way or not. Hello MarketWatchers. Take a look at Moneyist’s private FB Facebook group, -2.91%, where we search for answers to life’s thorniest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or comment on the latest Moneyist columns.